London South East | The UK's favourite investor portal.

In total, insiders hold 24.85% of the company while LONGS (retail investors) are estimated to hold ~43% of the stock.

And the institutional shareholder register is just as impressive for a company of this size.

Premier Miton Group holds 7.20% of the company. Unicorn AIM VCT holds 6.71%, while Stonehage Fleming holds 4.88%.

In total, institutions hold 18.79% of the company.

𝐓𝐡𝐞𝐢𝐫 𝐩𝐫𝐞𝐬𝐞𝐧𝐜𝐞 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐬 𝐚 𝐫𝐞𝐜𝐨𝐠𝐧𝐢𝐭𝐢𝐨𝐧 𝐭𝐡𝐚𝐭 𝐇𝐔𝐃 𝐡𝐚𝐬 𝐬𝐨𝐦𝐞𝐭𝐡𝐢𝐧𝐠 𝐬𝐩𝐞𝐜𝐢𝐚𝐥: 𝐚 𝐬𝐜𝐚𝐥𝐚𝐛𝐥𝐞 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐦𝐨𝐝𝐞𝐥 𝐢𝐧 𝐚 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭, 𝐰𝐢𝐭𝐡 𝐚 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐭𝐞𝐚𝐦 𝐭𝐡𝐚𝐭 𝐡𝐚𝐬 𝐝𝐞𝐦𝐨𝐧𝐬𝐭𝐫𝐚𝐭𝐞𝐝 𝐚𝐧 𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐭𝐨 𝐚𝐝𝐚𝐩𝐭, 𝐝𝐢𝐬𝐫𝐮𝐩𝐭 𝐚𝐧𝐝 𝐠𝐫𝐨𝐰 𝐚𝐠𝐠𝐫𝐞𝐬𝐬𝐢𝐯𝐞𝐥𝐲.

Now, let’s talk about the free float, because this is where it gets really interesting.

With 434.06 million shares in issue, and 86.64% of shares in ‘sticky’ hands, that leaves a paltry 13.36% free float, albeit the true tradable liquidity is considerably tighter as smart money is increasingly mopping up the ‘weak hands’.

Now, with regards to growth, HUD's track record is remarkable.

In October 2025, The 2025 full year results showed revenue rising 44% to £18.65 million, with gross profit increasing to £730,000 from just £35,000 the previous year.

But the company is not standing still.

Peeko is now live on Temu, eBay and Amazon, with margin per order on Temu around £5 and Amazon just under £3. The company is also positioning itself early in live auction commerce, the fastest growing retail format globally, with Peeko active on eBay Live and Whatnot.

𝐓𝐡𝐮𝐬, 𝐟𝐨𝐫 𝐚 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐰𝐢𝐭𝐡 £𝟏𝟖.𝟔𝟓 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐨𝐟 𝐫𝐞𝐯𝐞𝐧𝐮𝐞, 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐚𝐭 𝟒𝟒% 𝐚𝐧𝐧𝐮𝐚𝐥𝐥𝐲, 𝐰𝐢𝐭𝐡 𝐠𝐫𝐨𝐬𝐬 𝐩𝐫𝐨𝐟𝐢𝐭 𝐢𝐦𝐩𝐫𝐨𝐯𝐢𝐧𝐠 𝐫𝐚𝐩𝐢𝐝𝐥𝐲 𝐚𝐧𝐝 𝐚 𝐜𝐥𝐞𝐚𝐫 𝐩𝐚𝐭𝐡 𝐭𝐨 𝐩𝐫𝐨𝐟𝐢𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲, 𝐭𝐡𝐞 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐯𝐚𝐥𝐮𝐚𝐭𝐢𝐨𝐧 𝐥𝐨𝐨𝐤𝐬 𝐧𝐨𝐧𝐬𝐞𝐧𝐬𝐢𝐜𝐚𝐥.

The price-to-sales ratio is approximately 0.21. Even a rerating to the fundraising price would imply a ratio of just 0.40, still modest for a business growing at 44% annually.

Bottom line, HUD is a classic turnaround story with a twist. The business has already turned around; the market is only now beginning to catch up.

Today's 20% rise confirms the rerating is well and truly underway, and yet we are still under the radar.

With 86.64% of shares in ‘sticky’ hands, the free float is tight and the potential for a sustained rerating is significant. The gap to 1.75p remains substantial, and the gap to the 52-week high of 3.70p is cavernous.

With the board buying at higher prices, institutions holding firm, margins rebuilt, new channels opening, the stars are aligning.

The hard part is done.

𝐁𝐫𝐢𝐧𝐠𝐨, 𝐰𝐡𝐚𝐭 𝐜𝐨𝐦𝐞𝐬 𝐧𝐞𝐱𝐭 𝐢𝐬 𝐭𝐡𝐞 𝐞𝐱𝐜𝐢𝐭𝐢𝐧𝐠 𝐩𝐚𝐫𝐭.

ATB

Bunsenburner, Reapz, RachelsDad, IanLaurence, Borrowedfunds, Horsetrader, et al; Great Posts!

.

𝐁𝐫𝐢𝐧𝐠𝐨, 𝐚𝐭 𝟎.𝟖𝟓𝐩 (𝐚𝐥𝐭𝐡𝐨𝐮𝐠𝐡 𝐨𝐭𝐡𝐞𝐫 𝐩𝐥𝐚𝐭𝐟𝐨𝐫𝐦𝐬 𝐚𝐫𝐞 𝐬𝐡𝐨𝐰𝐢𝐧𝐠 𝐚 𝐜𝐥𝐨𝐬𝐢𝐧𝐠 𝐩𝐫𝐢𝐜𝐞 𝐨𝐟 𝟎.𝟗𝟎𝐩), 𝐇𝐔𝐃 𝐢𝐬 𝐞𝐱𝐭𝐫𝐚𝐨𝐫𝐝𝐢𝐧𝐚𝐫𝐢𝐥𝐲 𝐦𝐢𝐬𝐩𝐫𝐢𝐜𝐞𝐝.

Here’s a business that deals in hidden value yet finds itself trading at a price that looks every bit as distressed as the surplus stock it so profitably rescues.

The company raised £0.75 million at 1.75p just four months ago, and the shares still sit at barely half that level, and miles below the 3.70p 52-week high reached in July 2025.

So, what happened?

𝐓𝐡𝐞 𝐞𝐯𝐢𝐝𝐞𝐧𝐜𝐞 𝐩𝐨𝐢𝐧𝐭𝐬 𝐬𝐪𝐮𝐚𝐫𝐞𝐥𝐲 𝐭𝐨 𝐚 𝐝𝐢𝐬𝐭𝐫𝐞𝐬𝐬𝐞𝐝 𝐬𝐞𝐥𝐥𝐞𝐫 𝐫𝐚𝐭𝐡𝐞𝐫 𝐭𝐡𝐚𝐧 𝐚𝐧𝐲 𝐟𝐮𝐧𝐝𝐚𝐦𝐞𝐧𝐭𝐚𝐥 𝐝𝐞𝐭𝐞𝐫𝐢𝐨𝐫𝐚𝐭𝐢𝐨𝐧.

The first half of 2026 has been about rebuilding from the ground up. And the results speak for themselves;

✅ Product margin per item sold more than doubled in the first four months, reaching approximately £3 per item in May.

✅ Average items per order fell by 54% between January and May, from over 12 to under six, slashing picking costs.

✅ Peeko generated over 86,000 orders in the four months to April at an average order value above £37 and product margin per order above £17.

✅ Today every order under £50 generates a £3.99 delivery contribution, ensuring even the smallest order makes a profit. This is a fundamental change in the economics of the business.

✅ 𝐓𝐡𝐞 𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥𝐥𝐲 𝐫𝐞𝐜𝐨𝐠𝐧𝐢𝐬𝐞𝐝 𝐆𝐫𝐨𝐰𝐭𝐡 𝐈𝐧𝐝𝐞𝐱 𝐫𝐚𝐧𝐤𝐞𝐝 𝐇𝐔𝐃 𝐚𝐬 𝐭𝐡𝐞 𝐭𝐡𝐢𝐫𝐝 𝐟𝐚𝐬𝐭𝐞𝐬𝐭 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐫𝐞𝐭𝐚𝐢𝐥𝐞𝐫 𝐢𝐧 𝐭𝐡𝐞 𝐔𝐊, 𝐰𝐢𝐭𝐡 𝐜𝐨𝐦𝐩𝐨𝐮𝐧𝐝 𝐚𝐧𝐧𝐮𝐚𝐥 𝐠𝐫𝐨𝐰𝐭𝐡 𝐨𝐟 𝟑𝟐𝟐.𝟔𝟗%. 𝐎𝐧𝐥𝐲 𝐏𝐞𝐫𝐟𝐞𝐜𝐭 𝐓𝐞𝐝 𝐚𝐧𝐝 𝐒𝐢𝐦𝐞𝐫 𝐄𝐚𝐭𝐬 𝐫𝐚𝐧𝐤𝐞𝐝 𝐡𝐢𝐠𝐡𝐞𝐫.

https://ecommerce-forum.co.uk/briefing/retail-index-pinpoints-fast-growth-retail-upstarts/

And when it comes to alignment with shareholders, the board passes with flying colours.

Executive chairman Martin Higginson holds 14.64% of the company. This is not a passive holding. He purchased nearly 5.8 million shares at 3.25p in July 2025 at a cost of approximately £188,000, and in February 2026 subscribed for £137,500 of new shares as part of the fundraising at 1.75p.

𝐇𝐞 𝐡𝐚𝐬 𝐩𝐮𝐭 𝐡𝐢𝐬 𝐦𝐨𝐧𝐞𝐲 𝐰𝐡𝐞𝐫𝐞 𝐡𝐢𝐬 𝐦𝐨𝐮𝐭𝐡 𝐢𝐬, 𝐚𝐭 𝐚 𝐩𝐫𝐢𝐜𝐞 𝐰𝐞𝐥𝐥 𝐚𝐛𝐨𝐯𝐞 𝐭𝐨𝐝𝐚𝐲'𝐬 𝐥𝐞𝐯𝐞𝐥𝐬, 𝐚𝐧𝐝 𝐜𝐨𝐧𝐭𝐢𝐧𝐮𝐞𝐬 𝐭𝐨 𝐡𝐨𝐥𝐝.

Other directors also have meaningful skin in the game.

Yes, this is a board that eats its own cooking.

.

Cyberbub, Howard Stanley Marks, the serial value investor and founder of the multibillion, wealth management firm Oaktree Capital Management, once opined that:

"𝐀𝐥𝐥 𝐢𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐭 𝐢𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠 𝐢𝐬 𝐯𝐚𝐥𝐮𝐞 𝐢𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠; 𝐚𝐜𝐪𝐮𝐢𝐫𝐢𝐧𝐠 𝐚𝐧 𝐚𝐬𝐬𝐞𝐭 𝐟𝐨𝐫 𝐥𝐞𝐬𝐬 𝐭𝐡𝐚𝐧 𝐢𝐭𝐬 𝐯𝐚𝐥𝐮𝐞 𝐦𝐞𝐚𝐧𝐬 𝐬𝐞𝐞𝐢𝐧𝐠 𝐰𝐡𝐚𝐭 𝐞𝐯𝐞𝐫𝐲𝐨𝐧𝐞 𝐞𝐥𝐬𝐞 𝐬𝐞𝐞𝐬 𝐚𝐧𝐝 𝐭𝐡𝐢𝐧𝐤𝐢𝐧𝐠 𝐰𝐡𝐚𝐭 𝐧𝐨 𝐨𝐧𝐞 𝐞𝐥𝐬𝐞 𝐭𝐡𝐢𝐧𝐤𝐬."

Cyberbub, SGA (Selling, General and Administrative) expenses for FY2024 were £3.73 million.

𝐓𝐡𝐚𝐭 𝐟𝐢𝐠𝐮𝐫𝐞, 𝐣𝐮𝐬𝐭 𝐭𝐨 𝐛𝐞 𝐜𝐥𝐞𝐚𝐫, 𝐰𝐚𝐬 𝐚𝐭𝐭𝐫𝐢𝐛𝐮𝐭𝐞𝐝 𝐭𝐨 𝐚 𝐧𝐚𝐧𝐨𝐜𝐚𝐩 (𝐇𝐔𝐃) 𝐭𝐡𝐚𝐭 𝐠𝐫𝐞𝐰 𝐫𝐞𝐯𝐞𝐧𝐮𝐞 𝟒𝟒% 𝐭𝐨 £𝟏𝟖.𝟔𝟓 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟓!

That's impressive.

𝐂𝐡𝐢𝐞𝐟𝐥𝐲, 𝐭𝐡𝐚𝐭 𝐢𝐬 𝐭𝐡𝐞 𝐜𝐨𝐬𝐭 𝐨𝐟 𝐛𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐚 𝐩𝐥𝐚𝐭𝐟𝐨𝐫𝐦 𝐭𝐡𝐚𝐭 𝐜𝐚𝐧 𝐬𝐜𝐚𝐥𝐞.

The £2.5 million adjusted EBITDA loss is narrowing, FAST.

Gross profit advanced twenty-fold to £730,000. Product margin per item more than doubled to circa £3.00 in May.

Cyberbub, Peeko is not "just a seller of discounted surplus goods." It's an online Costco. A curated treasure hunt with a Trustpilot rating that's surging on a weekly basis.

As for the moat, it’s threefold:

1️⃣𝐋𝐨𝐠𝐢𝐬𝐭𝐢𝐜𝐬: THG Fulfil partnership enables next-day delivery on orders up to 11pm. B&M can't replicate this without tearing up its 700-store model.

2️⃣𝐌𝐚𝐫𝐠𝐢𝐧 𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞: Every order under £50 generates a £3.99 delivery contribution. Product margin per item more than doubled to £3.00 in May. This isn't a business bleeding margin — it's a business that's fixed its margin structure.

3️⃣ 𝐂𝐡𝐚𝐧𝐧𝐞𝐥 𝐝𝐢𝐯𝐞𝐫𝐬𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧: Temu, Amazon, OnBuy, eBay Live, Whatnot, TikTok. These aren't "bog standard" channels. They're scalable, commission-based marketplaces that bring millions of shopper eyeballs to the offering.

Read the trading update again: "Our ability to offer next-day delivery on orders up to 11 pm, along with a distinct price advantage, works well with the marketplace algorithms, ensuring we get good profile in terms of positioning."

𝐓𝐡𝐚𝐭'𝐬 𝐧𝐨𝐭 𝐚 𝐜𝐨𝐦𝐩𝐚𝐧𝐲 𝐰𝐢𝐭𝐡 𝐧𝐨 𝐦𝐨𝐚𝐭. 𝐓𝐡𝐚𝐭'𝐬 𝐚 𝐜𝐨𝐦𝐩𝐚𝐧𝐲 𝐭𝐡𝐚𝐭'𝐬 𝐛𝐮𝐢𝐥𝐭 𝐨𝐧𝐞.

With regards to the concert party, that was dissolved.

As per the company's announcements, there is no longer a concert party comprising the founders. The historical concert party referenced in some discussions relates to the pre-IPO structure of the company's predecessor entity. It's not relevant to the current Huddled Group.

BOTTOM LINE: 𝐒𝐦𝐚𝐫𝐭, 𝐁𝐨𝐥𝐝, 𝐚𝐧𝐝 𝐑𝐮𝐭𝐡𝐥𝐞𝐬𝐬 https://x.com/SerialInvestor8

ATB

So how many spotted today's interview with Tristan Pottas and the new geology chief David Rawlings?

https://www.youtube.com/watch?v=QJsAO2HRuiI

Judging by the lack of posts on this board, none?

Well, for what it’s worth, here’s my take on the interview;

Rawlings is definitely the real deal. He used to own the Lander West tenement 15 years ago but couldn't afford to drill it. Now he's back, hands on, and he didn't mince his words:

"𝐖𝐞'𝐥𝐥 𝐛𝐞 𝐝𝐫𝐢𝐥𝐥𝐢𝐧𝐠 𝐡𝐨𝐥𝐞𝐬 𝐩𝐫𝐞𝐭𝐭𝐲 𝐬𝐨𝐨𝐧," he said. "𝐄𝐯𝐞𝐫𝐲𝐨𝐧𝐞 𝐬𝐡𝐨𝐮𝐥𝐝 𝐛𝐞 𝐥𝐨𝐨𝐤𝐢𝐧𝐠 𝐟𝐨𝐫𝐰𝐚𝐫𝐝 𝐭𝐨 𝐬𝐨𝐦𝐞 𝐠𝐨𝐨𝐝 𝐫𝐞𝐬𝐮𝐥𝐭𝐬."

Then he dropped the clincher:

"𝐄𝐯𝐞𝐫𝐲 𝐭𝐢𝐦𝐞 𝐲𝐨𝐮 𝐬𝐭𝐢𝐜𝐤 𝐚 𝐝𝐫𝐢𝐥𝐥 𝐡𝐨𝐥𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐫𝐨𝐮𝐧𝐝, 𝐲𝐨𝐮 𝐚𝐥𝐰𝐚𝐲𝐬 𝐟𝐢𝐧𝐝 𝐬𝐨𝐦𝐞𝐭𝐡𝐢𝐧𝐠 𝐲𝐨𝐮'𝐫𝐞 𝐧𝐨𝐭 𝐞𝐱𝐩𝐞𝐜𝐭𝐢𝐧𝐠."

That's a seasoned geologist with decades in the Territory talking.

And the timeline?

Pottas confirmed that they are firmly on schedule to commence drilling in ~10 days.

𝐉𝐮𝐥𝐲 𝐢𝐬 𝐬𝐢𝐱 𝐝𝐚𝐲𝐬 𝐚𝐰𝐚𝐲 (𝐨𝐫 𝟒 𝐰𝐨𝐫𝐤𝐢𝐧𝐠 𝐝𝐚𝐲𝐬 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐛𝐮𝐥𝐥𝐬)

At 2.90p, FDR throws-up a market cap just shy of £4 million. Insane!

The register is tight.

The company is fully-funded.

The target is sitting on the same structural corridor that hosts multi-million ounce deposits.

𝐁𝐨𝐭𝐭𝐨𝐦 𝐋𝐢𝐧𝐞; 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐚 𝐭𝐢𝐝𝐝𝐥𝐞𝐫 𝐰𝐢𝐭𝐡 𝐚 𝐠𝐞𝐧𝐮𝐢𝐧𝐞 𝐝𝐢𝐬𝐜𝐨𝐯𝐞𝐫𝐲 𝐦𝐚𝐧𝐝𝐚𝐭𝐞.

𝐈𝐟 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐡𝐨𝐥𝐞 𝐬𝐧𝐢𝐟𝐟𝐬 𝐦𝐢𝐧𝐞𝐫𝐚𝐥𝐢𝐬𝐚𝐭𝐢𝐨𝐧, 𝐭𝐡𝐞 𝐫𝐞-𝐫𝐚𝐭𝐞 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐬𝐚𝐯𝐚𝐠𝐞.

𝐇𝐨𝐥𝐝 𝐭𝐡𝐞 𝐥𝐢𝐧𝐞.

In case you missed it, the countdown to the Lander West drilling campaign has begun.

𝐓𝐡𝐞 𝐏𝐫𝐢𝐳𝐞?

𝐀 𝐩𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝟏.𝟓–𝟑 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐨𝐮𝐧𝐜𝐞 𝐠𝐨𝐥𝐝 𝐬𝐲𝐬𝐭𝐞𝐦 (𝐜𝐨𝐧𝐜𝐞𝐩𝐭𝐮𝐚𝐥 𝐭𝐚𝐫𝐠𝐞𝐭) 𝐢𝐟 𝐝𝐫𝐢𝐥𝐥𝐢𝐧𝐠 𝐡𝐢𝐭𝐬; 𝐭𝐡𝐚𝐭’𝐬 𝐚 𝐦𝐚𝐣𝐨𝐫 𝐝𝐢𝐬𝐜𝐨𝐯𝐞𝐫𝐲 𝐰𝐨𝐫𝐭𝐡 𝐛𝐢𝐥𝐥𝐢𝐨𝐧𝐬 𝐢𝐧 𝐠𝐫𝐨𝐮𝐧𝐝.

𝐓𝐡𝐞 𝐍𝐮𝐦𝐛𝐞𝐫?

A single decent intersection could send this to ~7x the current price. That's the leverage.

𝐓𝐡𝐞 𝐒𝐡𝐚𝐫𝐞 𝐓𝐫𝐚𝐝𝐢𝐧𝐠 𝐒𝐭𝐚𝐭𝐬?

1️⃣ Share Price 👉 3.20p

2️⃣ Shares in Issue 👉 139,192,763

3️⃣ Market Cap 👉 £4.45 million

𝐂𝐨𝐦𝐩𝐚𝐫𝐞 𝐭𝐡𝐚𝐭 𝐭𝐨 𝐭𝐡𝐞 𝐈𝐏𝐎?

July 2025 at 6.67p per share, with a market cap of £7.1 million!

𝐀𝐧𝐝 𝐜𝐨𝐦𝐩𝐚𝐫𝐞 𝐭𝐡𝐚𝐭 𝐭𝐨 𝐭𝐡𝐞 𝐩𝐞𝐚𝐤?

05 September 2025 → 9.80p → when Wallal Phase I drilling was underway. That peak was achieved on 105.86 million shares. Today, with 139.19 million shares in issue, the equivalent market cap would be £13.6 million 👉 𝟑𝐱 𝐭𝐡𝐞 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐯𝐚𝐥𝐮𝐚𝐭𝐢𝐨𝐧!

𝐓𝐡𝐞 𝐓𝐚𝐫𝐠𝐞𝐭?

Lander West → Has the same geophysical signature as the 1.8 million-ounce Warrego deposit and the Golden Forty Mine!

𝐏𝐞𝐞𝐫𝐬 𝐰𝐢𝐭𝐡 𝐜𝐨𝐦𝐩𝐚𝐫𝐚𝐛𝐥𝐞 𝐡𝐢𝐭𝐬 (𝐚𝐬 𝐅𝐃𝐑 𝐢𝐬 𝐭𝐚𝐫𝐠𝐞𝐭𝐢𝐧𝐠) 𝐢𝐧 𝐀𝐮𝐬𝐭𝐫𝐚𝐥𝐢𝐚'𝐬 𝐍𝐨𝐫𝐭𝐡𝐞𝐫𝐧 𝐓𝐞𝐫𝐫𝐢𝐭𝐨𝐫𝐲?

1️⃣ 𝐏𝐚𝐭𝐫𝐨𝐧𝐮𝐬 𝐑𝐞𝐬𝐨𝐮𝐫𝐜𝐞𝐬 (ASX: PTN) hit 20m @ 1.93g/t at Cookies Corner. Market cap 👉 A$66.69 million (£34.7m).

2️⃣ 𝐏𝐫𝐨𝐝𝐢𝐠𝐲 𝐆𝐨𝐥𝐝 (ASX: PRX) hit 24 metres @ 5.5 g/t gold from 75m at the Seuss lode, plus 18m @ 4.2 g/t gold from 79m. This is a direct analog to Lander West; shallow, broad, high-grade gold in the NT's Tanami Province. Market cap 👉 A$29.60 million (£15.42m).

3️⃣ 𝐊𝐢𝐧𝐠 𝐑𝐢𝐯𝐞𝐫 𝐑𝐞𝐬𝐨𝐮𝐫𝐜𝐞𝐬 (ASX: KRR) hit 20 metres @ 38.5 g/t gold from 92m in diamond drilling at the Lone Star prospect. This is one of the most spectacular intercepts ever recorded in the Tennant Creek district. King River's Kurundi drilling has also delivered 7m @ 5.8 g/t gold including 3m @ 11.9 g/t from just 32m. Market cap 👉 A$50.25 million (£26.33m).

4️⃣ 𝐓𝐚𝐧𝐚𝐦𝐢 𝐆𝐨𝐥𝐝 (ASX: TAM) hit 7.30m @ 6.74 g/t Au (from 392.7m), 8.00m @ 5.60 g/t Au (from 434m), 11.92m @ 3.57 g/t Au (from 323m), and 20.23m @ 1.68 g/t Au (from 445.86m). Market Cap 👉 A$135 million (£70m).

𝐓𝐫𝐚𝐧𝐬𝐥𝐚𝐭𝐢𝐨𝐧?

✅ For FDR, a £20M market cap on 139.19 million shares 👉 14.4p per share.

✅ And a £30M market cap 👉 21.6p per share.

𝐁𝐎𝐓𝐓𝐎𝐌 𝐋𝐈𝐍𝐄

✅ 𝐃𝐫𝐢𝐥𝐥𝐢𝐧𝐠 𝐬𝐭𝐚𝐫𝐭𝐬 𝐢𝐧 ~𝟏𝟎 𝐰𝐨𝐫𝐤𝐢𝐧𝐠 𝐝𝐚𝐲𝐬.

✅ 𝐓𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐢𝐬 𝐧𝐞𝐠𝐥𝐞𝐜𝐭𝐢𝐧𝐠 𝐚 𝐡𝐢𝐠𝐡‑𝐜𝐨𝐧𝐯𝐢𝐜𝐭𝐢𝐨𝐧, 𝐟𝐮𝐥𝐥𝐲‑𝐟𝐮𝐧𝐝𝐞𝐝 𝐝𝐫𝐢𝐥𝐥 𝐜𝐚𝐦𝐩𝐚𝐢𝐠𝐧 𝐨𝐧 𝐚 𝐬𝐮𝐩𝐞𝐫𝐛 𝐭𝐚𝐫𝐠𝐞𝐭.

✅ 𝐖𝐡𝐞𝐧 𝐭𝐡𝐞 𝐛𝐢𝐭 𝐭𝐮𝐫𝐧𝐬, 𝐚𝐧𝐲 𝐡𝐢𝐭 𝐰𝐢𝐥𝐥 𝐫𝐞𝐫𝐚𝐭𝐞 𝐭𝐡𝐢𝐬 𝐭𝐨 𝐩𝐞𝐞𝐫 𝐥𝐞𝐯𝐞𝐥𝐬 – 𝐚 𝟓𝐱–𝟕𝐱 𝐫𝐞𝐭𝐮𝐫𝐧 𝐟𝐫𝐨𝐦 𝐡𝐞𝐫𝐞.

ATB

Https://www.youtube.com/watch?v=Hj5hoHjtYAE&t=15s

There’s an old adage in junior exploration: 𝐟𝐮𝐧𝐝𝐢𝐧𝐠 𝐟𝐨𝐥𝐥𝐨𝐰𝐬 𝐯𝐚𝐥𝐢𝐝𝐚𝐭𝐢𝐨𝐧, 𝐛𝐮𝐭 𝐯𝐚𝐥𝐮𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐬 𝐭𝐡𝐞 𝐝𝐫𝐢𝐥𝐥 𝐛𝐢𝐭.

This morning, after listening to the StockBox interview for the second time, I’d argue the market has yet to wake up to the second part.

What do I mean?

Forget the A$100,000 NT Government grant for a moment, although non-dilutive funding is never to be sniffed at.

The real kicker is in the operational tempo. Pottas confirmed that 𝐞𝐚𝐫𝐭𝐡𝐰𝐨𝐫𝐤𝐬 𝐚𝐫𝐞 𝐢𝐦𝐦𝐢𝐧𝐞𝐧𝐭, 𝐭𝐡𝐞 𝐝𝐫𝐢𝐥𝐥𝐢𝐧𝐠 𝐜𝐨𝐧𝐭𝐫𝐚𝐜𝐭𝐨𝐫 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐚𝐩𝐩𝐨𝐢𝐧𝐭𝐞𝐝, 𝐚𝐧𝐝, 𝐈 𝐪𝐮𝐨𝐭𝐞 “𝐭𝐡𝐞 𝐝𝐫𝐢𝐥𝐥𝐢𝐧𝐠 𝐜𝐨𝐧𝐭𝐫𝐚𝐜𝐭𝐨𝐫 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐨𝐧 𝐬𝐢𝐭𝐞 𝐚𝐭 𝐭𝐡𝐞 𝐛𝐚𝐜𝐤𝐞𝐧𝐝 𝐨𝐟 𝐧𝐞𝐱𝐭 𝐰𝐞𝐞𝐤.”

“So what?”, I hear you bark.

Well, this drill programme is different.

Previous exploration in the area “wasn’t designed to test for gold,” Pottas admits.

Those old sniffles in the data? Surface stuff. The real prospective geology at Lander West is deeper → “around 50 metres below the surface.”

𝐓𝐡𝐚𝐭 𝐦𝐞𝐚𝐧𝐬, 𝐩𝐚𝐬𝐭 𝐰𝐨𝐫𝐤 𝐝𝐢𝐝𝐧’𝐭 𝐦𝐢𝐬𝐬 𝐭𝐡𝐞 𝐭𝐚𝐫𝐠𝐞𝐭. 𝐈𝐭 𝐧𝐞𝐯𝐞𝐫 𝐞𝐯𝐞𝐧 𝐚𝐢𝐦𝐞𝐝 𝐚𝐭 𝐢𝐭.

What FDR has done over seven months is methodical: desktop study, multiple phases of geophysics, target definition, approvals, contractor locked in.

𝐓𝐡𝐢𝐬 𝐢𝐬𝐧’𝐭 𝐚 𝐩𝐮𝐧𝐭.

It’s a systematic test of a gold target that has just received independent validation from Australia’s 𝐍𝐨𝐫𝐭𝐡𝐞𝐫𝐧 𝐓𝐞𝐫𝐫𝐢𝐭𝐨𝐫𝐲 𝐆𝐞𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐒𝐮𝐫𝐯𝐞𝐲 (𝐍𝐓𝐆𝐒). And that’s the part the market is materially undervaluing.

Pottas was careful to frame this correctly: “𝐧𝐨𝐧-𝐝𝐢𝐥𝐮𝐭𝐢𝐯𝐞 𝐟𝐮𝐧𝐝𝐢𝐧𝐠 𝐢𝐬 𝐚 𝐟𝐚𝐧𝐭𝐚𝐬𝐭𝐢𝐜 𝐭𝐡𝐢𝐧𝐠 𝐟𝐨𝐫 𝐚𝐧𝐲 𝐣𝐮𝐧𝐢𝐨𝐫… 𝐛𝐮𝐭 𝐟𝐨𝐫 𝐮𝐬, 𝐭𝐡𝐢𝐬 𝐢𝐬 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐞 𝐞𝐧𝐝𝐨𝐫𝐬𝐞𝐦𝐞𝐧𝐭, 𝐭𝐡𝐚𝐭 𝐯𝐚𝐥𝐢𝐝𝐚𝐭𝐢𝐨𝐧 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐍𝐓𝐆𝐒.”

Think about what that means.

The people who know the rocks better than anyone have independently assessed the 𝐋𝐚𝐧𝐝𝐞𝐫 𝐖𝐞𝐬𝐭 𝐠𝐨𝐥𝐝 𝐭𝐚𝐫𝐠𝐞𝐭 and chosen to back it with hard cash.

Not a letter of support. Not a kind word. But a grant that required them to put their technical reputation behind the prospectivity.

𝐓𝐡𝐚𝐭 𝐢𝐬 𝐚 𝐬𝐢𝐠𝐧𝐚𝐥 𝐭𝐡𝐚𝐭 𝐜𝐮𝐭𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐭𝐡𝐞 𝐧𝐨𝐢𝐬𝐞.

And the story isn’t just gold.

Pottas explicitly noted that the Sulta Project hosts “𝐦𝐮𝐥𝐭𝐢𝐩𝐥𝐞 𝐭𝐚𝐫𝐠𝐞𝐭𝐬… 𝐠𝐨𝐥𝐝, 𝐜𝐨𝐩𝐩𝐞𝐫, 𝐫𝐚𝐫𝐞 𝐞𝐚𝐫𝐭𝐡 𝐞𝐥𝐞𝐦𝐞𝐧𝐭𝐬, 𝐥𝐢𝐭𝐡𝐢𝐮𝐦 𝐚𝐧𝐝 𝐩𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐟𝐨𝐫 𝐮𝐫𝐚𝐧𝐢𝐮𝐦.”

.

𝐆𝐫𝐞𝐚𝐭 𝐑𝐍𝐒 𝐭𝐡𝐢𝐬 𝐦𝐨𝐫𝐧𝐢𝐧𝐠!

We are literally weeks away from the maiden drill program at Lander West.

All regulatory approvals are secured.

This is happening.

More importantly, the NT Government doesn’t hand out 𝐀𝐔$𝟏𝟎𝟎,𝟎𝟎𝟎 for fun.

Round 19 is competitive. The Minister for Mining and Energy personally announced this.

FDR was selected because the technical quality and prospectivity of Lander West stood out. That’s independent, non-dilutive validation from one of Australia’s most respected institutions.

Read that again → 𝐭𝐡𝐞 𝐍𝐓𝐆𝐒 𝐢𝐬 𝐞𝐧𝐝𝐨𝐫𝐬𝐢𝐧𝐠 𝐭𝐡𝐞𝐢𝐫 𝐭𝐚𝐫𝐠𝐞𝐭𝐢𝐧𝐠.

Remember, most of the prospective geology at Lander West has never been tested below 50m. Previous drilling chased other commodities. The Stafford Gold Trend runs right through it. FDR has systematically integrated modern geophysics with historical data, and they’ve defined multiple concealed gold targets.

𝐓𝐡𝐞 𝐏𝐡𝐚𝐬𝐞 𝐈 𝐩𝐫𝐨𝐠𝐫𝐚𝐦 (𝟐,𝟎𝟎𝟎-𝟑,𝟎𝟎𝟎𝐦 𝐑𝐂) 𝐢𝐬 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐦𝐞𝐚𝐧𝐢𝐧𝐠𝐟𝐮𝐥 𝐭𝐞𝐬𝐭 𝐚𝐭 𝐝𝐞𝐩𝐭𝐡. 𝐓𝐡𝐚𝐭’𝐬 𝐚 𝐠𝐞𝐧𝐮𝐢𝐧𝐞 𝐛𝐥𝐮𝐞-𝐬𝐤𝐲 𝐜𝐚𝐭𝐚𝐥𝐲𝐬𝐭.

Thus, for a UK-listed, Australia-focused explorer with a fully-funded, drill-ready gold target, government-backed, in a Tier-1 jurisdiction (NT), about to spin the bit in 15 working days, the market cap is nonsensical.

𝐄𝐢𝐭𝐡𝐞𝐫 𝐲𝐨𝐮 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐞 𝐍𝐓 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐠𝐨𝐭 𝐢𝐭 𝐰𝐫𝐨𝐧𝐠 (𝐮𝐧𝐥𝐢𝐤𝐞𝐥𝐲), 𝐨𝐫 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐡𝐚𝐬𝐧’𝐭 𝐰𝐚𝐤𝐞𝐧 𝐮𝐩 𝐲𝐞𝐭.

The risk-reward here is incredible.

ATB

.

If Itech hits a meaningful sulphide zone, the spotlight on the entire trend, and on FDR’s fully funded Phase I programme, will intensify overnight.

Two junior explorers drilling simultaneously on adjacent tenements, chasing a district-scale gold system that has never been systematically explored at depth: it’s the kind of scenario that gets pulses racing among resource investors and can create a rising tide that lifts both boats.

And things are moving apace.

TMAE, the Alice Springs-based earthworks contractor, has already began cutting access tracks and drill pads.

GeoDrill Australia, already operating on Itech’s ground, will mobilise the RC rig with minimal downtime.

Environmental permits are signed, land access agreements are in place, and the bank account is topped-up.

𝐅𝐃𝐑 𝐢𝐬 𝐝𝐞-𝐫𝐢𝐬𝐤𝐞𝐝 𝐚𝐧𝐝 𝐫𝐞𝐚𝐝𝐲 𝐭𝐨 𝐝𝐫𝐢𝐥𝐥.

For the private investor, the narrative is brutally simple; A tightly held AIM explorer, backed by real science, is about to drill a high-conviction gold target that could define a new district. The shares trade at 2.85p, giving a market cap of just under £4M.

The protracted seller that has lingered over the stock for weeks is now down to its last few million shares and may well have walked away for good → leaving a clean register and a fully-funded drill programme ahead.

The company is fully funded, so there is no imminent dilution. The neighbours are drilling concurrently, which means a steady flow of news and a growing wave of district recognition.

And the geological model points towards a prize that could be measured in millions of ounces.

𝐁𝐎𝐓𝐓𝐎𝐌 𝐋𝐈𝐍𝐄

✅ The kit is mobilising.

✅ The ground is prospective.

✅ The neighbours are drilling.

✅ The geophysics is compelling.

✅ The overhang has pretty much cleared.

✅ And the stock is priced as if nothing is about to happen.

Thus, if you’re looking for an asymmetric exploration bet with the potential to deliver a life-changing return, you might want to take a long, hard look at FDR at 2.85p → before the drill bit turns.

.

The integrated geophysical interpretation completed earlier this year revealed a mineralised corridor stretching over 3km at Lander West, with multiple high-order chargeability and resistivity anomalies sitting directly beneath a coherent gold-in-soil footprint.

That footprint peaks at over 100ppb Au and sits exactly on the intersection of the deep-crustal Stafford Fault and a set of oblique cross-structures → 𝐭𝐡𝐞 𝐬𝐚𝐦𝐞 𝐚𝐫𝐜𝐡𝐢𝐭𝐞𝐜𝐭𝐮𝐫𝐞 𝐭𝐡𝐚𝐭 𝐡𝐨𝐬𝐭𝐬 𝐦𝐮𝐥𝐭𝐢-𝐦𝐢𝐥𝐥𝐢𝐨𝐧-𝐨𝐮𝐧𝐜𝐞 𝐝𝐞𝐩𝐨𝐬𝐢𝐭𝐬 𝐞𝐥𝐬𝐞𝐰𝐡𝐞𝐫𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐓𝐞𝐧𝐧𝐚𝐧𝐭 𝐂𝐫𝐞𝐞𝐤-𝐌𝐭 𝐈𝐬𝐚 𝐢𝐧𝐥𝐢𝐞𝐫.

So what does all this mean?

Internally, the company is cautious, but the scale is writ large. 𝐀 𝟑𝐤𝐦-𝐥𝐨𝐧𝐠 𝐜𝐨𝐧𝐝𝐮𝐜𝐭𝐨𝐫 𝐰𝐢𝐭𝐡 𝐰𝐢𝐝𝐭𝐡𝐬 𝐨𝐟 𝟐𝟎𝟎𝐦 𝐭𝐨 𝟒𝟎𝟎𝐦, 𝐦𝐨𝐝𝐞𝐥𝐥𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬𝐮𝐫𝐟𝐚𝐜𝐞 𝐭𝐨 𝟑𝟎𝟎𝐦 𝐝𝐞𝐩𝐭𝐡, 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐬 𝐚 𝐜𝐨𝐧𝐜𝐞𝐩𝐭𝐮𝐚𝐥 𝐞𝐱𝐩𝐥𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐭𝐚𝐫𝐠𝐞𝐭 𝐨𝐟 𝐛𝐞𝐭𝐰𝐞𝐞𝐧 𝟏𝟓 𝐚𝐧𝐝 𝟐𝟓 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐭𝐨𝐧𝐧𝐞𝐬 𝐚𝐭 𝐚 𝐠𝐫𝐚𝐝𝐞 𝐨𝐟 𝟏.𝟓 𝐭𝐨 𝟐.𝟓 𝐠/𝐭 𝐠𝐨𝐥𝐝.

That’s a 𝟏.𝟓 𝐭𝐨 𝟑 𝐦𝐢𝐥𝐥𝐢𝐨𝐧-𝐨𝐮𝐧𝐜𝐞 𝐬𝐲𝐬𝐭𝐞𝐦 if everything comes together.

These aren’t pie-in-the-sky figures. They’re derived from the same geophysical signatures that led to the discovery of the nearby 1.8Moz Warrego deposit and the high-grade Golden Forty mine.

Now consider this: a discovery hole of, say, 20 metres at 3 g/t gold from 80 metres depth, perfectly achievable given the geochemical and geophysical data, would instantly transform sentiment.

Peers with comparable hits in the Northern Territory routinely trade at market caps of £20-30M. For FDR, that would imply a share price of 𝟏𝟒-𝟐𝟏𝐩; 𝐚 𝐫𝐞𝐭𝐮𝐫𝐧 𝐨𝐟 𝟓 𝐭𝐨 𝟕 𝐭𝐢𝐦𝐞𝐬 𝐭𝐡𝐞 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐥𝐞𝐯𝐞𝐥.

And that is just the re-rate on the first decent intersection.

A multi-hole campaign confirming a broad zone of mineralisation could attract a mid-tier suitor hungry for Australian ounces in one of the world’s last great underexplored gold frontiers.

And the neighbouring catalyst adds an extra layer of excitement.

𝐈𝐭𝐞𝐜𝐡 𝐌𝐢𝐧𝐞𝐫𝐚𝐥𝐬 (ASX: ITM) is about to commence its own drilling campaign at the Golden Gate prospect, a few hundred metres from FDR’s boundary along the Stafford Gold Trend.

Golden Gate already boasts historical intercepts such as 14m at 9.8 g/t Au, and Itech’s programme is designed to extend that mineralisation down-plunge and test a large induced-polarisation anomaly at depth.

𝐈𝐧 𝐞𝐟𝐟𝐞𝐜𝐭, 𝐈𝐭𝐞𝐜𝐡 𝐢𝐬 𝐝𝐫𝐢𝐥𝐥𝐢𝐧𝐠 𝐭𝐡𝐞 𝐧𝐨𝐫𝐭𝐡𝐞𝐫𝐧 𝐞𝐱𝐭𝐞𝐧𝐬𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐞 𝐯𝐞𝐫𝐲 𝐬𝐚𝐦𝐞 𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐚𝐥 𝐜𝐨𝐫𝐫𝐢𝐝𝐨𝐫 𝐭𝐡𝐚𝐭 𝐅𝐃𝐑 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐩𝐫𝐨𝐛𝐢𝐧𝐠 𝐨𝐧 𝐢𝐭𝐬 𝐨𝐰𝐧 𝐠𝐫𝐨𝐮𝐧𝐝.

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Here's the full article:

🚨 𝐋𝐀𝐍𝐃𝐄𝐑 𝐖𝐄𝐒𝐓 #FDR #GOLD

I’m standing on the red dirt of the Lander West gold target, 250km northwest of Alice Springs, and the silence is about to be shattered.

𝐅𝐢𝐫𝐬𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐑𝐞𝐬𝐨𝐮𝐫𝐜𝐞𝐬 (AIM: FDR) has just completed its final pre-mobilisation reconnaissance.

Drill-holes are refined, the earthworks contractor is locked in, and the rig from GeoDrill Australia is already working next door on Itech Minerals’ ground.

For the first time, this quiet corner of the Northern Territory’s Stafford Gold Trend is about to be properly tested, and at a market capitalisation of just £4M; 𝐭𝐡𝐞 𝐥𝐞𝐯𝐞𝐫𝐚𝐠𝐞 𝐨𝐧 𝐨𝐟𝐟𝐞𝐫 𝐢𝐬 𝐭𝐡𝐞 𝐤𝐢𝐧𝐝 𝐨𝐟 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐩𝐫𝐢𝐯𝐚𝐭𝐞 𝐢𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬 𝐝𝐫𝐞𝐚𝐦 𝐚𝐛𝐨𝐮𝐭.

Let’s put that £4M into perspective.

With 139.2 million shares in issue, and a share price of 2.85p, FDR is obscenely undervalued. Yet the company is fully-funded for a maiden reverse-circulation drilling programme that will test a target with the geological hallmarks of a multi-million-ounce gold system.

If even the first-pass drilling delivers a discovery, that £4M valuation could be a footnote in a much bigger story.

Meanwhile, astute investors will have noticed the steady drip of stock being fed onto the tape in recent weeks.

𝐅𝐢𝐫𝐬𝐭 𝐄𝐪𝐮𝐢𝐭𝐲 has been acting for Armstrong Investments, a shareholder that accumulated a meaningful position between November 2025 and March 2026. That holding topped out at 6.25%, but since March, the position has been gradually unwound. Today, it sits at just 3% (~4.2 million shares).

The beauty of the 3% threshold is that it represents the floor for the UK’s major shareholding notification regime. Once a stake dips below that line, no further TR1 disclosures are required.

More importantly though, the evidence suggests the heavy lifting is already done. The stock has been absorbing this supply without falling over; in fact, the shares have been gently rising into the news flow.

The remaining rump is small enough to be cleared in a couple of trading days, and with the overhang now largely behind us, the path is clear for the drilling catalysts to do their work.

But back to the investment case here. FDR isn’t chasing a few grams per tonne of oxide gold. The team is hunting a large, structurally controlled, intrusive-related gold system; the kind of deposit that can underpin a standalone mining operation.

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Oilheadgame, you’re reading this exactly right. 15p is definitely achievable in the medium term. Also, it's worth noting that the LSE share count is wrong. There are only 1,139,402,658 shares in issue. At 2.55p, the company is obscenely undervalued.

So, for those still trying to decipher the RNS, here goes;

This morning, CLBX didn’t just announce a deal, it ripped open a direct line into AstraZeneca’s oncology pipeline. A Master Services Agreement turns CelLBxHealth into a qualified CTC analytics provider for clinical trial samples, using the bankable Parsortix® platform.

The technology risk? Already retired. The MSA may not print cash tomorrow, but it greases the wheels for work orders to start flying across AstraZeneca’s drug development machine. In the liquid-biopsy world, these MSAs are famous for turning into multi-year, high-margin contracts almost overnight.

And the set-up could hardly be tighter. Three players, Conifer Management (29.9%), Dermot Keane (15.46%), and Global Frontier Investments (8.98%), control over half the register. That’s a fortress balance of insider and institutional conviction, leaving a wafer-thin free float that will rocket when the first work order lands.

Now the numbers that should make your pulse race. ANGLE plc, the brains behind Parsortix, converted a similar MSA into a single £1.2 million trial. AstraZeneca’s ambitions in personalised oncology are monstrous, so once the relationship matures, three or six parallel studies a year is a conservative bet.

That’s £5 million–£8 million in annual service revenue at gross margins comfortably north of 50%. Slap a 4 x revenue multiple on that stream, standard for specialist CROs, and you’ve just added an obscene amount of upside.

Next, toss in the existing, growing core business and you’re staring at a fair enterprise value of £55 million–£85 million. On a corrected share count, that spits out a risk-adjusted fair value significantly north of the current share price of 2.55p per share.

But the shrewd investors know this and are buying this up. See Level III.

ATB

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